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Process Innovation with Blockchain in Banking

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Process Innovation with Blockchain in Banking Process Innovation with Blockchain in Banking A case study of how Blockchain can change the KYC process in banks. Jenitha Thavanathan Industrial Economics and Technology Management Submission date: September 2017 Supervisor: Per Jonny Nesse, IØT Co-supervisor: Sverke Lorgen, DNB Norwegian University of Science and Technology Department of Industrial Economics and Technology Management Process innovation with Blockchain in KYC processes in banks: A case study Jenitha Thavanathan Master thesis in Industrial Economics and Technology Management Supervisor: Per Jonny Nesse, IOT Case supervisors: Sverke Lorgen & Karl Christian Thomle, DNB Trondheim, September 2017 ii iii Preface This master thesis is part of the author’s Masters degree programme in In- dustrial Economics and Technology Management at the Norwegian Uni- versity of Science and Technology. The author would like to thank the academic supervisor Professor Per Johnny Nesse and case supervisors Sverke Lorgen and Karl Christian Thomle for help and guidance throughout the duration of the project. The help and contributions are utmost appreciated. Jenitha Thavanathan iv v Abstract Innovation is the key to prosperity in competitive markets, as almost every significant business venture can trace its roots to an original spark of innov- ation, and on occasion, ground breaking innovation would foster a new way of thinking. Enter Blockchain, an emerging factor contributing to the in- dustry’s forced transition into a digital-first age. This thesis aims to uncover how process innovation with Blockchain technology can reinvent KYC pro- cesses in the banking industry today. This is as any other topic regarding Blockchain technology, only being approached by industry professionals. Due to its fairly young age, extensive research on Blockchain technology in KYC is sparse. In this thesis the IPO framework is adapted to business process change, in order to identify phases in the banks’ KYC process that can be redesigned with the help of Blockchain technology. This thesis will hopefully provide more insight on steps necessary to take in order to suc- cessfully implement Blockchain technology in KYC processes in banks. vi Contents List of Figures ix 1 Introduction1 1.1 Personal Data Protection..................3 1.1.1 GDPR........................3 1.1.2 PSD2........................6 1.2 Problem definition.....................6 1.3 Structure of the Thesis...................7 2 Conceptual Background9 2.1 Process innovation.....................9 2.1.1 IPO Framework of Business Process Change... 10 2.2 Blockchain......................... 14 2.2.1 Security....................... 17 2.2.2 Public vs. Private Blockchains........... 18 2.3 KYC - Know Your Customer................ 19 3 Blockchain 2.0 23 3.1 Financial Services...................... 24 3.2 Smart Property....................... 27 3.2.1 Intangible assets.................. 28 3.2.2 Tangible assets................... 29 4 Methodology 31 4.1 Literature search process.................. 31 4.1.1 Academic paper search in online database..... 31 4.1.2 Conceptual article and financial reports search.. 32 vii viii CONTENTS 4.1.3 Published books.................. 32 4.2 Processing and selecting the literature........... 33 4.3 DNB............................. 33 4.4 Methodological Limitations................. 34 5 Case Analysis 35 5.1 Project Heatwave...................... 37 5.1.1 How the system works............... 37 5.2 Findings and Outcomes................... 39 5.2.1 Business...................... 39 5.2.2 Process....................... 39 5.2.3 Technology..................... 40 5.3 Challenges.......................... 40 6 Evaluation 43 6.1 Choosing Blockchain as a thesis topic........... 43 6.2 Project Heatwave developments during thesis writing... 43 7 Conclusion and Future Research 45 7.1 Future Research....................... 45 References 46 List of Figures 2.1 Input, process, and output (IPO) model.1 .......... 10 2.2 The IPO Framework of Business Process Change.2 .... 12 2.3 Potential use-cases for Blockchain technology.3 ...... 15 2.4 From transaction request to completion with Blockchain.4 16 2.5 Example of money transaction from person A to person B on a blockchain.5,6 ..................... 17 2.6 Business flow of KYC processes.7 ............. 20 2.7 Oracle Know Your Customer Model.8 ........... 21 5.1 The systematic process of Project Heatwave.7 ....... 37 5.2 Graphics of the system.? .................. 38 5.3 Gartner’s Hype Cycle of 2017.9 .............. 41 ix x LIST OF FIGURES 1 Introduction Innovation is the key to prosperity in competitive markets, and almost every significant business venture can trace its roots to an original spark of in- novation.10 On occasion, ground breaking innovation would foster a new way of thinking. Strategy, predicts how a competitor will react - espe- cially when competitive markets are in unending flux,10 and investment in financial technology (FinTech) at the moment is booming at unpreced- ented rates.11 Mostly because those that seem to always react quickly to previously unforeseen opportunities10 are determined to stay ahead of new waves of innovation. While the competition stands flatfooted these enter- prises will succeed because they innovate. Technological advances are now forcing enterprise leaders to respond to change,10 and one prominent ex- ample is the world of banking which is going through massive transforma- tions (which they will continue to go through).11 In 2009 Bitcoin was introduced. Bitcoin is a cryptocurrency or "virtual- currency", an asset you can buy and use electronically. It is billed as a peer-to-peer electronic cash system and used for such transactions. This means through Bitcoins, electronic cash assets can be exchanged directly between two parties without being mediated by a financial institution,11 which severely challenges the banks’ strategic competencies. The techno- logy Bitcoin is based on is called ’Blockchain’. The potential of Blockchain application outside of Bitcoin market was eventually recognized, and has since been adopted for several purposes by developers and investors. Blockchain technology is emerging as another factor contributing to the in- dustry’s forced transition into a digital-first age12, as this new decentralized 1 2 Introduction ledger technology (DLT) now controversially has introduced a new pos- sible reality. A wold without the middle-man. Hence the question as if the need for a bank itself is being questioned with Blockchain technology. Ac- cording to Reed11, there are two scenarios that can describe the structure for what can possibly happen; the banks end up being lost to these new and more efficient financial services that are in touch with the digital world we live in, and end up competing with the same financial services. Or, the banks focus on the costumer and accept changes to their business model.11 Once deemed cost-prohibitive, Blockchain has the potential to lower the entry barrier to certain industries or business functionalities. Subsequently, as you are reading this, a broad awareness of DLT is being incorporated into the banks’ long-range strategic planning.12 Beyond Bitcoin and other cryptocurrencies, Blockchain offers tremendous potential to banking and other industries. Many banks around the world are in the process of creating - or already have created - a team or committee to study Blockchain’s impact on their business models (naturally also looking at potential use cases).12 They work together with other banks (this also includes the largest banks in the world) to share knowledge and ideas for using Blockchain.12 In a way, this reminds us of the development of the Internet in the early 90s, before it became a mainstream commodity. Some of the potential benefits of this technology, include the following: • Improved data integrity (reduced potential for human error/fraud). • Increased transaction speed (close to real time). • Reduced settlement risk (speed and simplification of processes). • Opportunity for cost reductions. • Improved data security and system resilience (there is no central point of failure). • Reduced use of capital for reserves (capital not tied ups for as long, if not at all). • Opportunity to digitize sales transactions and contracts, and to mon- 1.1. Personal Data Protection 3 itor the delivery of related goods or assets.12 Only by counting the number of conferences, events, and articles online, 2017 has quickly accelerated into a ’Blockchain-year’. Successful trial projects and pilots are being launched, and the notion of Blockchain be- ing something new and difficult to conquer, seems to be dismissed as it is somewhat operational in certain areas, at least with successful pilot pro- jects. 1.1 Personal Data Protection 1.1.1 GDPR By May 2018 the EU General Data Protection Regulation (GDPR) replaces the current Data Protection Directive 95/46/EC. The aim of the GDPR is to protect all EU citizens from privacy and data breaches in an increasingly data-driven world that is vastly different from the time in which the 1995 directive was established. GDPR is the most important change in data pri- vacy regulation in 20 years and is designed to harmonize data privacy laws across Europe, to protect and empower all EU citizens’ data privacy, and to reshape the way organizations across the region approach data privacy. The GDPR applies to both organizations located both within and outside of the EU if they offer goods or services to, or monitor the behaviour of, EU individuals. It applies to all companies processing and holding the per- sonal data of individuals residing in the European Union, regardless of the company’s location.13 The main changes to the regulatory policies are as follows: • Increased Territorial Scope (extra-territorial applicability): As mentioned above the GPDR will apply to the processing of personal data by controllers and processors in the EU, regardless of the loca- 4 Introduction tion of the processing. It will also apply to the processing of personal data of individuals in the EU by a controller or processor outside the EU. The same way it will apply to non-Eu businesses that processes the data of EU citizens (with a representative in the EU).
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